Actuarial Science

Overview

Actuarial science programs prepare students to use statistics to measure insurance risk.

Insurance companies put a price tag on every risk they cover so that they know how much to charge for coverage. Actuaries also calculate risk for the finance industry.

Actuarial programs include topics such as:

Forecasting theory
Data analysis
Risk measurement

Students in actuarial science programs take many courses in mathematics, statistics, and computer science.

Schools

Many colleges and universities offer actuarial science as a concentration rather than a major. Actuarial science programs are in applied math, statistics, or business management departments.

A bachelor's degree provides students the first level of actuarial certification. Most actuaries earn additional certifications by taking additional courses.

Many colleges and universities offer graduate degree programs in actuarial science. A graduate degree can be obtained through a statistics, business management, or risk management program of study. A master's degree typically requires two years of study beyond a bachelor's degree. Doctoral (PhD) degree programs usually require two or more years of course work beyond the master's degree.

See schools that offer this program.

Related Educational Programs

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Program Admission

You can prepare for this program by taking courses in high school that prepare you for college. This typically includes four years of English, three years of math, three years of social studies, and two years of science. Some colleges also require two years of a second language.

Below is a list of high school courses that will help prepare you for this program of study:

Basic Computer
Calculus
Computer Science and Programming
Introduction to Business
Pre-Calculus
Probability and Statistics
Public Speaking

Graduate Admissions

Admission to graduate programs is competitive. You need a bachelor's degree, good grades, and good test scores.

Additional requirements at some schools include:

Graduate Record Exam (GRE) General
Letters of recommendation
Personal statement
Undergraduate major or significant course work in math and statistics

Typical Course Work

Program Courses

This program typically includes courses in the following subjects:

Calculus
Forecasting
Introduction to Computer Science
Investment Analysis
Linear Algebra
Mathematical Statistics
Principles of Macroeconomics
Principles of Microeconomics
Principles of Risk Management and Insurance
Probability
Regression Analysis
Statistics

Things to Know

Business courses in high school can be useful preparation for a career in actuarial science. However, your high school transcript needs to show that you are preparing for a demanding college-level program.

Try to take academically challenging math classes.

Good skills in writing, speaking, and critical thinking are needed for advancement in the business world.